Amaan and Co

Adjusted Trial Balance

As on December 31st, 2008
S.No Account Title Dr Cr
1 Amaan's capital 350,000 Capital
2 notes payable 150,000 n.current Liab
3 accounts payable 15,000 current Liab
4 salaries payable 35,000 current Liab
5 rent payable 15,000 current Liab
6 interest payable 110,000 current Liab
7 unearned revenues 75,000 current Liab
8 loan payable (HBL) 2,200,000 n.current Liab
9 Loan payable (ABL) 1,500,000 n.current Liab
10 merchandise inventory 300,000 current Asset
11 cash 600,000 current Asset
12 accounts receivable 500,000 current Asset
13 marketable securities 38,000 current Asset
14 prepaid rent 32,000 current Asset
15 unexpired insurance 15,000 current Asset
16 stationery 24,000 current Asset
17 supplies 36,000 current Asset
18 advance salareis 35,000 current Asset
19 Machinery 1,340,000 n.current asset
20 accumulated Dep. Machinery 700,000 contra Asset
21 equipment 1,100,000 n.current asset
22 accumulated Dep. Equipment 400,000 contra Asset
23 Building 2,200,000 n. current Asset
24 accumulated dep. Building 600,000 contra Asset
25 Notes receivable 190,000 n. current Asset
26 Depreciation Exp Machinery 40,000 Expenses
27 Depreciation Exp Equipment 40,000 Expenses
28 depreciation Exp Building 50,000 Expenses
29 Rent Exp 44,000 Expenses
30 interest Exp 104,000 Expenses
31 salaries Exp 95,000 Expenses
32 fuel Exp 32,000 Expenses
33 carriage Exp 15,000 Expenses
34 advertising Exp 13,000 Expenses
35 Cost of goods sold 630,000 Expenses
36 Sales 1,350,000 Revenues
37 Transportation exp 15,000 Expenses
38 Bad Debts Exp 12,000 Expenses
7,500,000 7,500,000
Required
Please prepare an income statement and a balance sheet
Amaan and Co
Income Statement
For the period ended December 31st, 2008
sales
Cost of goods sold
Gross Profit
Operating Expenses:
Depreciation Exp Machinery 40,000
Depreciation Exp Equipment 40,000
depreciation Exp Building 50,000
Rent Exp 44,000
Transportation exp 15,000
salaries Exp 95,000
fuel Exp 32,000
carriage Exp 15,000
advertising Exp 13,000
Bad Debts Exp 12,000
total Operating Exp
EBIT/Operating Income
Interest Exp
EBT
Corporate Taxes (40%)
Earning after taxes/Net Income

Amaan and Co
Balance Sheet
As on December 31st, 2008
current Assets:
Cash 600000
marketable securities 38000
accounts receivable 500000
Provision for bad debts () -
NRV 500000
merchandise inventory 300000
prepaid rent 32,000
unexpired insurance 15,000
stationery 24,000
supplies 36,000
advance salareis 35,000
total current Asset
Non-current Assets:
Notes receivable 190,000
Machinery 1,340,000
accumulated Dep. Machinery (700,000)
Book value Machinery 640,000
equipment 1,100,000
accumulated Dep. Equipment (400,000)
book value Equipment 700,000
Building 2,200,000
accumulated dep. Building (600,000)
book value building 1,600,000
Total Non- current Assets
Total Assets
Liabilities and Equities:
Current Liabilities:
Taxes payable 104,000
accounts payable 15,000
salaries payable 35,000
rent payable 15,000
interest payable 110,000
unearned revenues 75,000
Total Current Liabilities
Non-Current Liabilities
loan payable (HBL) 2,200,000
Loan payable (ABL) 1,500,000
notes payable 150,000
Total Non-Current Liabilities
Total Liabilities
Owners' Equity:
Capital 350,000
Add: Net Income for the year 156,000
total equity
Total Liabilitiies and equities
1,350,000
(630,000)
720,000

(356,000)
364,000
(104,000)
260,000
(104,000)
156,000

1,580,000
3,130,000
4,710,000

354,000

3,850,000
4,204,000

506,000
4,710,000
 Azlan and Co

Adjusted Trial Balance

As on December 31st, 2008
S.No Account Title Dr Cr
1 Azlan's capital 550,000
2 notes payable 150,000
3 accounts payable 15,000
4 salaries payable 35,000
5 rent payable 15,000
6 interest payable 110,000
7 unearned revenues 75,000
8 loan payable (HBL) 2,200,000
9 Loan payable (ABL) 1,500,000
10 merchandise inventory 350,000
11 cash 980,000
12 accounts receivable 550,000
13 marketable securities 238,000
14 prepaid rent 32,000
15 unexpired insurance 15,000
16 stationery 24,000
17 supplies 36,000
18 advance salareis 35,000
19 Machinery 1,340,000
20 accumulated Dep. Machinery 800,000
21 equipment 1,100,000
22 accumulated Dep. Equipment 500,000
23 Building 2,200,000
24 accumulated dep. Building 700,000
25 Notes receivable 290,000
26 Provision for bad Debts 25,000
27 Depreciation Exp Machinery 40,000
28 Depreciation Exp Equipment 40,000
29 depreciation Exp Building 50,000
30 Rent Exp 44,000
31 interest Exp 104,000
32 supplies Exp 20,000
33 Stationery Exp 11,000
34 Insurance Exp 29,000
35 marketing Exp 40,000
36 salaries Exp 95,000
37 fuel Exp 32,000
38 carriage Exp 15,000
39 advertising Exp 13,000
40 Cost of goods sold 750,000
41 Sales 1,825,000
42 Transportation exp 15,000
43 Bad Debts Exp 12,000
8,500,000 8,500,000
Required
Pleae pass closing entries, prepare income summary ledger, prepare post close trial
balance, an income statement and a balance sheet(tax rate 40%)